philly turnkey

[Jim Chung]

hi everyone, looking into philly turnkey. heard this turnkey op

phillyincomeproperties.com. anyone heard of them?  appreciate any feedback

[Liz Faircloth]

Hi @Jim Chung:

I have not heard of these folks. However, I have some thoughts to share with you:

1. If you end up interviewing this company, ask for at least three references.  This will help you determine this company's credibility and ability to produce strong turn keys. I would want to know how long these clients have been working with this company? Have they received the returns they were promised? How long has their business been in operation?

2. When you interview these folks, ask what experience they have in Philadelphia.  My husband and I offer turn keys in Trenton, NJ.  This is only after we have been investing in the city for over 10 years, and know the city inside and out. I would be very nervous about a turn key provider who does not actually own property in the areas they are offering "turn keys." 

3. In order to have a successful turn key business, you need to have systems and a strong team in place to handle the acquisition, financing, renovations, leasing and property management. I would be nervous about a turn key provider who does not manage the property as well.  

4. Lastly, have you looked into the networking group - Diversified Real Estate Investors Group - http://digonline.org/. They host a ton of meet ups and networking groups in Philadelphia, so that might be another great resource for you as you do your fact finding on this company!

I hope you found this helpful. Since we offer turnkeys ourselves, I thought I would offer some thoughts to you that way you can do your due diligence and hire the right company!!

If I can be of any other help, please feel free to reach out! We own mostly own property in NJ, but we have a 18 unit apartment building in Northeast Philly (we we manage with our team) which we have been very pleased with. 

All the best, 

Liz Faircloth